EX 7-14 Comparing inventory methods the OBJ. 5 Assume that a firm separately determined inventory under FIFO and LIFO and then com- pared the results. a. In each space that follows, place the correct sign [less than (), or equal (=)] for each comparison, assuming periods of rising prices. Susan 1. FIFO inventory 2. FIFO cost of merchandise sold 3. FIFO net income 4. FIFO income taxes LIFO inventory LIFO cost of merchandise sold LIFO net income LIFO income taxes

Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. a. In each space that follows, place the correct sign [less than (), or equal (=)] for each comparison, assuming periods of rising prices. 1. FIFO inventory 2. FIFO cost of merchandise sold 3. FIFO net income 4. FIFO income taxes LIFO inventory LIFO cost of merchandise sold LIFO net income LIFO income taxes